NARROWS/LDB FINE ART

NARROWS/LDB FINE ART UNREALIZED HI TO LO JULY 2014 SOTHEBY'S Artist Item Description Total Paid (in USD) Sotheby's Appraised Value (July 2014) Fair Value (% Ownership) or Cost (if not on Appraisal) Fair Value Less Total Paid CUMULATIVE VALUE CUMULATIVE UNREALIZED P&L BRANCUSI. CONSTANTI La muse 11,466.250 32,500.000 32,500.000 21,033,750 32.500.000 21.033.750 MONET. CLAUDE Nymphéas 24,356.250 45,000.000 45.000,000 20,643,750 77.500.000 41.677.500 LÉGER. FERNAND Femme cousant: a double-sided painting 16,000.000 35,000.000 35,000.000 19,000.000 112.500.000 60.677.500 MALEVICH, KAZIMIR Elongated Plane 16,820.688 35,000.000 35,000.000 18,179.312 147.500.000 78.856.812 PICASSO. PABLO Fernande Olivier 3,114.375 18,000.000 18,000.000 14,885.625 165.500.000 93.742.437 CEZANNE. PAUL Carrière de Bibémus 7,692.500 22,500.000 22,500.000 14,807.500 188.000.000 108.549.937 TURNER. R.A.. JOSEPH Goldau 1.330.000 16.000.000 16.000.000 14.670.000 204.000.000 123.219.937 MONDRIAN, PIET Composition C with Gray and Red 2,922.750 17,500.000 17,500.000 14,577.250 221.500.000 137.797.187 VAN GOGH. VINCENT Jardin de fleurs 8.500.000 22.500.000 22.500.000 14.000,000 244.000.000 151.797.187 PICASSO. PABLO Femme nue 11,002.500 25,000.000 25,000.000 13,997.500 269.000.000 165.794.687 MIRO, JOAN Corde et Personnages II 7,036.250 20,000.000 20,000.000 12,963.750 289.000.000 178.758.437 MATISSE. HENRI Marocaine en jaune 10,000.000 22,500.000 22,500,000 12,500.000 311.500.000 191.258.437 CEZANNE. PAUL Le Château Noir 12,505.581 25,000.000 25,000,000 12,494,419 336.500.000 203.752.855 SERRA. RICHARD Betwixt the Torus and Sphere 2.775.500 15.000.000 15.000.000 12.224.500 351.500.000 215.977.355 BUONARROTI. MICHEL/ The Risen Christ 13,308.196 25,000.000 25,000.000 11,691.804 376.500.000 227.669.160 SERRA. RICHARD Double Torqued Ellipse II 1.657.250 12.500.000 12.500,000 10.842.750 389.000.000 238.511.910 MUNCH. EDVARD Aasgaardsstrand 2,571.478 12,500.000 12,500.000 9,928.522 401.500.000 248.440.431 PICASSO. PABLO Buste de femme 9,500.000 18,000.000 18,000.000 8.500,000 419.500.000 256.940.431 CEZANNE. PAUL Recto: Crâne sur une draperie (Skull and Draper) 1,750.000 10,000.000 10,000.000 8,250,000 429.500.000 265.190.431 BECKMANN. MAX Tânzerin mit Tamburin (Dancer with tambourine) 1,825.000 10,000.000 10,000.000 8,175,000 439.500.000 273.365.431 DEGAS. EDGAR Danseuses 11,910.206 20,000.000 20,000.000 8,089.794 459.500.000 281.455.225 MIRO, JOAN Spanish Dancer 9,363.625 15,000,000 15,000.000 5,636.375 474.500.000 287.091.600 CEZANNE. PAUL Grenade et poires dans une assiette 3.692.500 9.000.000 9.000.000 5.307.500 483.500.000 292.399.100 PICASSO. PABLO Tête d'homme à la pipe 1,729.294 7,000.000 7,000.000 5,270.706 490.500.000 297.669.806 BRANCUSI. CONSTANTI Oiseau dans l'espace (Bird in space) 29.755.440 35.000.000 35.000.000 5.244.560 525.500.000 302.914.366 BONNARD. PIERRE Jeunes femmes au jardin (Portrait de Renee Monch 2,827.811 8,000,000 8,000.000 5,172.189 533.500.000 308.086.555 MATISSE. HENRI Jeannette III 1,650.000 6,500,000 6,500.000 4,850,000 540.000.000 312.936.555 MATISSE. HENRI Jeannette IV 1,800.000 6,500,000 6,500.000 4,700,000 546.500.000 317.636.555 REMBRANDT VAN RIJN A Seated Old Man Facing Left 2,454.220 7,000.000 7,000,000 4,545.780 553.500.000 322.182.335 MUNCH. EDVARD The Scream 130,565.622 135,000.000 135,000,000 4,434.378 688.500.000 326.616.714 PICASSO. PABLO Bouteille et verre 700.000 5,000.000 5,000,000 4,300,000 693.500.000 330.916.714 SMITH. DAVID Voltri-Bolton I 2.706.250 7.000.000 7.000.000 4.293.750 700.500.000 335.210.464 CANALE . ANTONIO CAL Feast of the Assumption at Santa Maria della Salute 963.425 5,000.000 5,000.000 4,036.575 705.500.000 339.247.039 MUNCH. EDVARD Melancholy 11.000.000 15.000.000 15.000.000 4.000,000 720.500.000 343.247.039 RODIN. AUGUSTE Iris. messagère de Dieux 1,193.456 5,000.000 5,000.000 3,806.544 725.500.000 347.053.582 POLLOCK. JACKSON Number 8, 1951 1,250.000 5,000.000 5,000.000 3,750.000 730.500.000 350.803.582 MATISSE. HENRI Jeannette V 2,750.000 6,500.000 6,500.000 3,750.000 737.000.000 354.553.582 DAVID. JACQUES-LOUT: Portrait de François-Antoine Rasse. Prince de Caw. 2,273.250 6,000,000 6,000.000 3,726.750 743.000.000 358.280.332 MOORE. HENRY Two-Piece Reclining Figure: Points 4.347.394 8.000.000 8.000.000 3.652.606 751.000.000 361.932.939 BRUEGEL THE ELDER. I The Drunkard Pushed into the Pigsty 5,499.505 9,000.000 9,000.000 3,500.495 760.000.000 365.433.434 DE CHIRICO. GIORGIO The Surprise 4.546.500 8.000.000 8.000.000 3.453.500 768.000.000 368.886.934 ENSOR. JAMES Le grand juge (masques) 1,201.212 4,500.000 4,500.000 3,298.788 772.500.000 372.185.722 BRAQUE. GEORGES Le guéridon 1.732.000 5,000.000 5,000.000 3.268.000 777.500.000 375.453.722 DEGAS. EDGAR Le repos 4,086.438 7,000.000 7,000.000 2,913.563 784.500.000 378.367.284 EXCLUDES TURNER (HELD IN S CORP) Page 1 of 7 EXCLUDES WORKS PARTIALLY OWNED AND PLEDGED TO CHARITY EFTA01199563 NARROWS/LDB FINE ART UNREALIZED HI TO LO JULY 2014 SOTHEBY'S Artist Item Description Total Paid (in USD) Sotheby's Appraised Value (July 2014) Fair Value (% Ownership) or Cost (if not on Appraisal) Fair Value Less Total Paid CUMULATIVE VALUE CUMULATIVE UNREALIZED P&L SCHIELE. EGON Zwei Akte 600.000 3,500.000 3,500.000 2,900,000 788.000.000 381.267.284 VAN GOGH. VINCENT Wheat Field with Sheaves 2.265.131 5,000.000 5,000,000 2,734.869 793.000.000 384.002.153 DELACROIX, EUGENE Choc de cavaliers arabes 8,469.701 11,000.000 11,000.000 2,530.299 804.000.000 386.532.452 MANET. EDOUARD Portrait de Constantin Guys 1,652.500 4,000.000 4,000.000 2,347.500 808.000.000 388.879.952 LEGER. FERNAND Dessin pour Tescalier' 1,190.750 3,500.000 3,500.000 2,309.250 811.500.000 391.189.202 CALDER. ALEXANDER Mobile 3,758.125 6,000.000 6,000.000 2,241.875 817.500.000 393.431.077 DE GOYA. FRANCISCO Young Woman Surrounded by Witches (Jeune term 380.000 2.500.000 2.500.000 2.120.000 820.000.000 395.551.077 DE GOYA. FRANCISCO La bouillie (Beggars Eating Mash) 401.914 2,500.000 2,500.000 2,098,086 822.500.000 397.649.163 DE GOYA. FRANCISCO Three People Around a Dying Man (Le malade) 475.000 2.500.000 2.500.000 2.025,000 825.000.000 399.674.163 PICASSO. PABLO Study for 'Head of Nude with Drapery' 476.300 2,500.000 2,500.000 2,023.700 827.500.000 401.697.863 DEGAS. EDGAR Etude de nu pour 'La danseuse habille' 1,000.000 3,000.000 3,000.000 2,000.000 830.500.000 403.697.863 MIRO. JOAN Femme poignardee par le soleil recitant des poeme 1,550.681 3,500.000 3,500.000 1,949.319 834.000.000 405.647.182 RAFFAELLO SANZIO, Cr Head of a Young Apostle 48,085.198 50,000.000 50,000.000 1,914.802 884.000.000 407.561.984 CEZANNE. PAUL Le Marin or Le Jardinier Vallier vu de face 53.103.750 55.000.000 55.000.000 1.896.250 939.000.000 409.458.234 GAUGUIN. PAUL Cylinder with Two Figures 8,128.125 10,000.000 10,000.000 1,871.875 949.000.000 411.330.109 CALDER. ALEXANDER Spunk of the Monk 18.221.250 20.000.000 20.000.000 1.778.750 969.000.000 413.108.859 LEONARDO DA VINCI Caricature of a Woman Wearing a Tall Hat and Can 784.813 2,500.000 2,500.000 1,715.188 971.500.000 414.824.047 MAILLOL. ARISTIDE L'Air (premier etat) 893.063 2.500.000 2,500.000 1,606,938 974.000.000 416.430.984 PICASSO. PABLO Study for 'Nude with Drapery' 744,219 2,250.000 2,250.000 1,505.781 976.250.000 417.936.766 TURNER. R.A.. JOSEPH Entry to the Grand Canal with Santa Maria della Sal 907.375 2,400.000 2,400.000 1,492,625 978.650.000 419.429.391 DE GOYA. FRANCISCO Gimiendo y Ilorando (Weeping and Wailing) 1,014.844 2,500.000 2,500.000 1,485.156 981.150.000 420.914.547 GUARDI. FRANCESCO Recto: Regata in the Bacino di San Marco with the f 1,025.000 2,500.000 2,500.000 1,475,000 983.650.000 422.389.547 DAUMIER. HONORE La parade 1.312.531 2.750.000 2.750.000 1.437.469 986.400.000 423.827.016 DEGAS. EDGAR Aux courses 1,082.500 2,500.000 2,500.000 1,417.500 988.900.000 425.244.516 DAUMIER. HONORE La chanson a boire 693.341 2.000.000 2.000.000 1.306,659 990.900.000 426.551.175 KANDINSKY, VASSILY Skizze fur Sintflut II (Sketch for Deluge II) 31,725.250 33,000.000 33,000.000 1,274.750 1.023.900.000 427.825.925 VAN GOGH. VINCENT Les toits. Arles 1,250.000 2,500.000 2,500.000 1,250.000 1.026.400.000 429.075.925 REDON. ODILON L'araignee en pleurs 560.000 1,750.000 1,750.000 1,190.000 1.028.150.000 430.265.925 LEONARDO DA VINCI Madonna del Gatto 3,338.547 4,500.000 4,500.000 1,161.453 1.032.650.000 431.427.378 PICASSO. PABLO Fernande Olivier 624.938 1,750.000 1,750.000 1,125.063 1.034.400.000 432.552.440 RODIN. AUGUSTE Les Bourgeois de Calais 660.000 1,750.000 1,750.000 1,090.000 1.036.150.000 433.642.440 DE GOYA. FRANCISCO Maja y Celestina 660.000 1.750.000 1.750.000 1.090.000 1.037.900.000 434.732.440 MATISSE. HENRI Venus Ala coquille II 700.000 1,750.000 1,750.000 1,050.000 1.039.650.000 435.782.440 PICASSO. PABLO Paysage 2.500.000 3.500.000 3.500.000 1.000.000 1.043.150.000 436.782.440 GORKY. ARSHILE Study for Agony 3,000.000 4,000.000 4,000.000 1,000.000 1.047.150.000 437.782.440 KANDINSKY. VASSILY Entwurf zu -Komposition VII" 1,515.000 2,500.000 2,500.000 985.000 1.049.650.000 438.767.440 RAFFAELLO SANZIO, Cr Head of a Muse 47,020.045 48,000.000 48,000.000 979.955 1.097.650.000 439.747.395 LEGER. FERNAND Contraste de formes 1,620.833 2,500.000 2,500.000 879.167 1.100.150.000 440.626.561 PICASSO. PABLO Femme nue 650.000 1.500.000 1.500.000 850,000 1.101.650.000 441.476.561 DAUMIER, HONORE Parade de Saltimbanques 1,650.000 2,500.000 2,500.000 850,000 1.104.150.000 442.326.561 CEZANNE. PAUL Baigneuses 935.000 1.750.000 1.750.000 815.000 1.105.900.000 443.141.561 SIGNORELLI. LUCA Study for a Seated Prophet 962.747 1,750.000 1,750.000 787.253 1.107.650.000 443.928.814 SCHIELE. EGON Selbstbildnis (Self Portrait) 150.000 900.000 900.000 750.000 1.108.550.000 444.678.814 MIRO. JOAN Oiseau 1,100.000 1,850.000 1,850.000 750.000 1.110.400.000 445.428.814 EXCLUDES TURNER (HELD IN S CORP) Page 2 of 7 EXCLUDES WORKS PARTIALLY OWNED AND PLEDGED TO CHARITY EFTA01199564 NARROWS/LDB FINE ART UNREALIZED HI TO LO JULY 2014 SOTHEBY'S Artist Item Description Total Paid (in USD) Sotheby's Appraised Value (July 2014) Fair Value (% Ownership) or Cost (if not on Appraisal) Fair Value Less Total Paid CUMULATIVE VALUE CUMULATIVE UNREALIZED P&L CHARDIN. JEAN-SIMEOI Panier de cliches. raisin blanc et noir avec rafraichi: 2,267.783 3.000.000 3.000.000 732.217 1.113.400.000 446.161.031 PICASSO. PABLO Arlequin a la guitare 774.450 1,500.000 1,500.000 725.550 1.114.900.000 446.886.581 TIEPOLO. GIOVANNI DC The Firing Squad 700.000 700.000 700.000 1.115.600.000 447.586.581 DEGAS. EDGAR Autoportrait 300.000 1.000.000 1.000.000 700.000 1.116.600.000 448.286.581 PICASSO. PABLO Portrait of Elie Faure 800.000 1.500.000 1.500.000 700.000 1.118.100.000 448.986.581 SCHIELE. EGON Liegender Weiblicher Akt 99.000 700.000 700.000 601.000 1.118.800.000 449.587.581 GIACOMETTI. DIEGO Glass-top Table and Eight Side Chairs 900.000 1.500.000 1.500.000 600.000 1,120.300.000 450.187.581 DE GOYA. FRANCISCO A Boy with a Blind Woman 660.000 1.250.000 1.250.000 590.000 1.121.550.000 450.777.581 DE GOYA. FRANCISCO A Prisoner 660.000 1.250.000 1.250.000 590.000 1.122.800.000 451.367.581 MATISSE. HENRI Jeune lille a la mantille (Etude pour L'espagnole au; 416.763 1,000.000 1.000.000 583.238 1.123.800.000 451.950.819 KELLY. ELLSWORTH Blue White 2,438.438 3.000.000 3.000.000 561.563 1.126.800.000 452.512.381 GERICAULT. THEODOR Episode de la Guerre Coloniale: Noir sur un cheval 1,438.990 2.000.000 2.000.000 561.010 1.128.800.000 453.073.391 MOORE. HENRY Seated Woman on Bench 155.000 700.000 700.000 545.000 1.129.500.000 453.618.391 DAUMIER. HONORE Apt ('audience 1.210.000 1.750.000 1.750.000 540.000 1.131.250.000 454.158.391 JOHNS. JASPER Untitled 734.906 1.250.000 1.250.000 515.094 1.132.500.000 454.673.485 ARP. HANS Constellation de quatre formes blanches et dune nc 487.125 1.000.000 1.000.000 512.875 1.133.500.000 455.186.360 SEURAT. GEORGES La nourrice 1,012.138 1,500.000 1,500.000 487.863 1.135.000.000 455.674.222 AVERY. MILTON Early Spring 125.000 600.000 600.000 475.000 1.135.600.000 456.149.222 MATISSE. HENRI Femme se reposant 341.000 800.000 800.000 459.000 1.136.400.000 456.608.222 miRe. JOAN Composition 541.250 1.000.000 1.000.000 458.750 1.137.400.000 457.066.972 DE GOYA. FRANCISCO Los desastres de la guerra 450.000 450.000 450.000 1.137.850.000 457.516.972 CEZANNE. PAUL Groupe cfarbres 1,312.500 1.750.000 1.750.000 437.500 1.139.600.000 457.954.472 DE GOYA. FRANCISCO Los Caprichos 579.880 1,000.000 1.000.000 420.120 1.140.600.000 458.374.592 GRIS. JUAN Nature morte 391.000 800.000 800.000 409.000 1.141.400.000 458.783.592 RICKEY. GEORGE Triple L Excentric Gyratory Gyratory 400.000 400.000 400.000 1.141.800.000 459.183.592 PICASSO. PABLO Etude pour l'acteur and deux profits de Fernande 1,104.150 1,500.000 1,500.000 395.850 1.143.300.000 459.579.442 PICASSO. PABLO Le singe et le masque 360.159 750.000 750.000 389.841 1.144.050.000 459.969.283 WATTEAU, JEAN-ANTOI Profile of a Man with a Study of a Hand 413.875 800.000 800.000 386.125 1.144.850.000 460.355.408 INGRES. JEAN-AUGUST Raphael and The Fornarina 1,623.750 2.000.000 2.000.000 376.250 1.146.850.000 460.731.658 KLEE. PAUL Hexen-scene 335.575 700.000 700.000 364.425 1.147.550.000 461.096.083 GELLEE. CLAUDE CALL An Extensive Landscape 893.062 1,250.000 1,250.000 356.938 1.148.800.000 461.453.021 DIDFIER. ALBRECHT Saint Eustace 1.143.188 1.500.000 1.500.000 356.813 1.150.300.000 461.809.834 TANSEY. MARK Homage to Susan Sontag 50.000 400.000 400.000 350.000 1.150.700.000 462.159.834 KELLY. ELLSWORTH Untitled 3.650.750 4.000.000 4.000.000 349.250 1.154.700.000 462.509.084 REDON. ODILON La gloire noyee 453.000 800.000 800.000 347.000 1.155.500.000 462.856.084 PICASSO. PABLO Taureau et cheval 470.271 800.000 800.000 329.729 1.156.300.000 463.185.813 TIEPOLO. GIOVANNI BA Christ Calling the Fishermen 185.000 500.000 500.000 315.000 1.156.800.000 463.500.813 GIACOMETTI, ALBERTO Pair of torcheres 300.000 300.000 300.000 1.157.100.000 463.800.813 GIACOMETTI. DIEGO Chimneypiece 400.000 700.000 700.000 300.000 1,157.800.000 464.100.813 SEURAT. GEORGES Rayons 702.049 1.000.000 1.000.000 297.951 1.158.800.000 464.398.764 REDON. ODILON Satan dominant le monde 161.151 450.000 450.000 288.849 1.159.250.000 464.687.613 RUBENS. SIR PETER P/ Nicodemus 963.010 1.250.000 1.250.000 286.990 1.160.500.000 464.974.602 MOREAU. GUSTAVE Galatee 215.930 500.000 500.000 284.070 1.161.000.000 465.258.672 THIEBAUD. WAYNE Pink Swirl 119.075 400.000 400.000 280.925 1.161.400.000 465.539.597 EXCLUDES TURNER (HELD IN S CORP) Page 3 of 7 EXCLUDES WORKS PARTIALLY OWNED AND PLEDGED TO CHARITY EFTA01199565 NARROWS/LDB FINE ART UNREALIZED HI TO LO JULY 2014 SOTHEBY'S Artist Item Description Total Paid (in USD) Sotheby's Appraised Value (July 2014) Fair Value (% Ownership) or Cost (if not on Appraisal) Fair Value Less Total Paid CUMULATIVE VALUE CUMULATIVE UNREALIZED P&L GRIS. JUAN Nature morte au cafetiere 123.891 400.000 400.000 276.109 1.161.800.000 465.815.706 DAVIS, STUART Artist in Search of a Model 74.151 350.000 350.000 275.849 1.162.150.000 466.091.555 RODIN. AUGUSTE The Age of Bronze 25.000 300.000 300.000 275.000 1.162.450.000 466.366.555 PICASSO. PABLO Tete de taureau 627.029 900.000 900.000 272.971 1.163.350.000 466.639.527 PRUD'HON. PIERRE-PAI Femme assise tenant une quenouille (Clotho la filet. 489.927 750.000 750.000 260.073 1.164.100.000 466.899.599 HARTLEY, MARSDEN Calla Lillies 140.000 400.000 400.000 260.000 1.164.500.000 467.159.599 GIACOMETTI. DIEGO Console a plateaux. modele aux grenouilles 250.000 250.000 250.000 1.164.750.000 467.409.599 KLEE. PAUL Konigsburg 1.265.000 1.500.000 1,500.000 235.000 1.166.250.000 467.644.599 DE TOULOUSE-LAUTRE La coiffure 1.020.420 1.250.000 1.250.000 229.580 1.167.500.000 467.874.179 GORMLEY. ANTONY Together and Apart 79.368 300.000 300.000 220.632 1.167.800.000 468.094.811 REDON. ODILON Satyre 180.000 400.000 400.000 220.000 1.168.200.000 468.314.811 FRAGONARD. JEAN-HO Cite d'amour - la fête a Rambouillet 2.785.777 3.000.000 3.000.000 214.223 1.171.200.000 468.529.035 LIOTARD. JEAN ETIENN JACQUES DE CHAPEAUROUGE (1744 -1805) 789.180 1.000.000 1,000.000 210.820 1.172.200.000 468.739.854 GORMLEY. ANTONY Landing 98.532 300.000 300.000 201.469 1.172.500.000 468.941.323 DE GOYA. FRANCISCO Los Proverbios (or Los Disparates) 200.000 200.000 200.000 1.172.700.000 469.141.323 NOLDE. EMIL Mohn and Ritterspoon 50.000 250.000 250.000 200.000 1.172.950.000 469.341.323 BONNARD. PIERRE Marthe sur un divan 300.000 500.000 500.000 200.000 1.173.450.000 469.541.323 TOURNAI Falconry Tapestry 300.000 500.000 500.000 200.000 1.173.950.000 469.741.323 GIACOMETTI, DIEGO Console table with shelf, model with frogs 200.000 200.000 1.174.150.000 469.941.323 GIACOMETTI, DIEGO Console table with shelf, model with frogs 200.000 200.000 1.174.350.000 470.141.323 DORER. ALBRECHT St. Jerome in his Study (Meder 59. a; Bartsch 60) 1.001.650 1.200.000 1.200.000 198.350 1.175.550.000 470.339.673 BLAKE. WILLIAM God Blessing the Seventh Day 2.316.008 2.500.000 2.500.000 183.992 1.178.050.000 470.523.665 GERICAULT. THEODORE Black Stallion in a Stable 324.750 500.000 500.000 175.250 1.178.550.000 470.698.915 GIACOMETTI, DIEGO Table basse aux caryatides 175.000 175.000 175.000 1.178.725.000 470.873.915 DELACROIX. EUGENE Tigre se lechant la patte 225.000 400.000 400.000 175.000 1.179.125.000 471.048.915 KANDINSKY, VASSILY Improvisation 8 27.331.634 27.500.000 27.500.000 168.366 1.206.625.000 471.217.281 COROT, JEAN-BAPTISTI Le Rageur. For€t de Fontainebleau 686.500 850.000 850.000 163.500 1.207.475.000 471.380.781 AVERY. MILTON Man. Rocks and Sea 150.000 150.000 150.000 1.207.625.000 471.530.781 KLIMT. GUSTAV Femme nue 25.000 175.000 175.000 150.000 1.207.800.000 471.680.781 GIACOMETTI, ALBERTO Autoportrait 100.000 250.000 250.000 150.000 1.208.050.000 471.830.781 SCHAUFELEIN THE ELC A Landsknecht Turned to the Left Carrying a Halber 354.290 500.000 500.000 145.710 1.208.550.000 471.976.491 PRUD'HON. PIERRE-PAI Study for an Allegory of the Rhine River 462.769 600.000 600.000 137.231 1.209.150.000 472.113.722 REDON. ODILON La chute de Phaeton 363.000 500.000 500.000 137.000 1.209.650.000 472.250.722 AVERY. MILTON Beach Umbrellas 17.000 150.000 150.000 133.000 1.209.800.000 472.383.722 MAILLOL. ARISTIDE Eve 6 la pomme 75.000 200.000 200.000 125.000 1.210.000.000 472.508.722 GORMLEY. ANTONY Seeing and Showing 80.004 200.000 200.000 119.996 1.210.200.000 472.628.718 HARTLEY, MARSDEN The Fish 80.105 200.000 200.000 119.895 1.210,400.000 472.748.613 ENSOR. JAMES The Entry of Christ into Brussels in 1889 on the Day 182.278 300.000 300.000 117.722 1.210.700.000 472.866.335 FUSELI. HENRY The Confederates Arriving at the Rutli 92.013 200.000 200.000 107.988 1.210.900.000 472.974.322 DAVIS, STUART The Sidelong Glance 20.000 125.000 125.000 105.000 1.211.025.000 473.079.322 DAVIS. STUART Untitled 20.000 125.000 125.000 105.000 1.211.150.000 473.184.322 DAVIS, STUART Study for Proposed Mural. United Nations Conferen 48.713 150.000 150.000 101.288 1.211.300.000 473.285.610 DORER. ALBRECHT Apocalypse. Passion. Life of the Virgin (Meder 127. 1.400.000 1.500.000 1.500.000 100.000 1.212.800.000 473.385.610 ROSSETTI. DANTE GAB Sir Lancelot in Queen Guinivere's Chamber 150.942 250.000 250.000 99.058 1.213.050.000 473.484.667 EXCLUDES TURNER (HELD IN S CORP) Page 4 of 7 EXCLUDES WORKS PARTIALLY OWNED AND PLEDGED TO CHARITY EFTA01199566 NARROWS/LDB FINE ART UNREALIZED HI TO LO JULY 2014 SOTHEBY'S Artist Item Description Total Paid (in USD) Sotheby's Appraised Value (July 2014) Fair Value (% Ownership) or Cost (if not on Appraisal) Fair Value Less Total Paid CUMULATIVE VALUE CUMULATIVE UNREALIZED P&L SPRANGER. BARTHOLC The Temptation of Adam 251.200 350.000 350.000 98.800 1.213.400.000 473.583.467 GIACOMETTI, DIEGO Console a plateaux. modele aux grenouilles 170.000 250.000 250.000 80.000 1.213.650.000 473.663.467 GAUGUIN. PAUL Te Faruru 520.200 600.000 600.000 79.800 1.214.250.000 473.743.267 DI CREDI. LORENZO Drapery Study with the Christ Child Standing on the 1,175.850 1,250.000 1,250.000 74.150 1.215.500.000 473.817.417 INGRES. JEAN-AUGUST Portrait de Monseigneur Gabriel Cortois de Pressigr 179.655 250.000 250.000 70.345 1.215.750.000 473.887.762 MATISSE. HENRI La danse 433.000 500.000 500.000 67.000 1.216.250.000 473.954.762 BOILLY. LOUIS LEOPOL Etude preparatoire pour 'e jeu cfechecs- 139.759 200.000 200.000 60.241 1.216.450.000 474.015.003 GIACOMETTI, ALBERTO Lampe-trepied a etoile 60.000 60.000 60.000 1.216.510.000 474.075.003 GIACOMETTI. ALBERTO Lampe-trepied a etoile 60.000 60.000 60.000 1.216.570.000 474.135.003 KLEE. PAUL Gegensatze Abends (Blau and Orange) 1,440.304 1,500.000 1,500.000 59.696 1.218.070.000 474.194.699 MONET. CLAUDE Les Nympheas avec saule 342.225 400.000 400.000 57.775 1.218.470.000 474.252.474 LIN. MAYA Silver River — Hudson 92.331 150.000 150.000 57.669 1.218.620.000 474.310.143 MONDRIAN, PIET Chrysanthemum 142.890 200.000 200.000 57.110 1.218.820.000 474.367.253 BECKMANN. MAX Acrobat (Back Bend) 48.000 100.000 100.000 52.000 1.218.920.000 474.419.253 BECKMANN. MAX Kasbek 75.000 125.000 125.000 50.000 1.219.045.000 474.469.253 KLEE. PAUL Zwei Manner. einander in hdherer Stellung vermutei 100.000 150.000 150.000 50.000 1.219.195.000 474.519.253 KLEE. PAUL Komiker - Inv. 4 (Kornfeld, no. 9) 100.000 150.000 150.000 50.000 1.219.345.000 474.569.253 REDON. ODILON Poinsettia (La fleur rouge) 200.000 250.000 250.000 50.000 1.219.595.000 474.619.253 RODIN. AUGUSTE Le penseur 250.000 300.000 300.000 50.000 1.219.895.000 474.669.253 BURNE-JONES. EDWAR L'Amor the mouve it Sole e l'altre Stelle 134.437 175.000 175.000 40.563 1.220.070.000 474.709.816 GONCHAROVA. NATALI. The Appearance to Joseph 40.000 40.000 40.000 1.220.110.000 474.749.816 BECKMANN. MAX Sacra Coeur 20.000 60.000 60.000 40.000 1.220.170.000 474.789.816 VON MENZEL. ADOLPH Hand of a Woman Holding a Cane 20.000 60.000 60.000 40.000 1.220.230.000 474.829.816 VON MENZEL. ADOLPH Studies of a Man Eating from a Bowl 30.000 70.000 70.000 40.000 1.220.300.000 474.869.816 PICASSO. PABLO Bacchus et jeune femme nue 86.600 125.000 125.000 38.400 1.220.425.000 474.908.216 SMITH, DAVID Untitled 462.719 500.000 500.000 37.281 1.220.925.000 474.945.498 GIACOMETTI, DIEGO Lampe en forme bougeoir 35.000 35.000 35.000 1.220.960.000 474.980.498 GIACOMETTI, DIEGO Lampe en forme bougeoir 35.000 35.000 35.000 1.220.995.000 475.015.498 MATISSE. HENRI Autoportrait 270.625 300.000 300.000 29.375 1.221.295.000 475.044.873 KHNOPFF. FERNAND Dessin 74.151 100.000 100.000 25.849 1.221.395.000 475.070.721 DAUMIER, HONORE La defense 324.750 350.000 350.000 25.250 1.221.745.000 475.095.971 BOTERO. FERNANDO El guitarrista 10.000 35.000 35.000 25.000 1.221.780.000 475.120.971 BECKMANN. MAX Kleines Rosenstilleben mit blauem Spiegel 325.000 350.000 350.000 25.000 1.222.130.000 475.145,971 REDON. ODILON Le cube (L'oeil) 325.125 350.000 350.000 24.875 1.222.480.000 475.170.846 REDON. ODILON Sujet Allegorique (David et Goliath) 476.300 500.000 500.000 23.700 1.222.980.000 475.194.546 BEARDSLEY. AUBREY % Lady Gold's Escort (From The Yellow Book Vol. III) 46.598 70.000 70.000 23.403 1.223.050.000 475.217.949 HARTLEY, MARSDEN Twisted Roots (Tree study) 7.000 30.000 30.000 23.000 1.223.080.000 475.240.949 QUINN. MARC The Blind Still Leading the Blind 37.897 60.000 60.000 22.103 1.223.140.000 475.263.052 CONSTABLE. JOHN Cloud Study (recto)Suffolk Landscape with a Clouds 379.313 400.000 400.000 20.688 1.223.540.000 475.283.740 REDON. ODILON The Angel of Death 179.644 200.000 200.000 20.356 1.223.740.000 475.304.096 DENIS. MAURICE Woman and Child 5.000 25.000 25.000 20.000 1.223.765.000 475.324.096 CEZANNE. PAUL Portrait du fils de ('artiste (redo) and Scene illustran 783.009 800.000 800.000 16.991 1.224.565.000 475.341.087 BELLOWS. GEORGE WE Old Billiard Player (M. 84: B. 19) 2.500 18.000 18.000 15.500 1.224.583.000 475.356.587 BARYE. ANTOINE-LOUIE Guerrier tartare arretant son cheval 10.000 25.000 25.000 15.000 1.224.608.000 475.371.587 EXCLUDES TURNER (HELD IN S CORP) Page 5 of 7 EXCLUDES WORKS PARTIALLY OWNED AND PLEDGED TO CHARITY EFTA01199567 NARROWS/LDB FINE ART UNREALIZED HI TO LO JULY 2014 SOTHEBY'S Artist Item Description Total Paid (in USD) Sotheby's Appraised Value (July 2014) Fair Value (% Ownership) or Cost (if not on Appraisal) Fair Value Less Total Paid CUMULATIVE VALUE CUMULATIVE UNREALIZED P&L BARYE. ANTOINE-LOUIE Thesee combattant le Centaur Bienor 10.000 25.000 25.000 15.000 1.224.633.000 475.386.587 DOVE. ARTHUR GARFIE Untitled V (Centerport) 25.000 40.000 40.000 15.000 1.224.673.000 475.401.587 VUILLARD. EDOUARD La robe rose 110.000 125.000 125.000 15.000 1.224.798.000 475.416.587 BOURDELLE. EMILE AN Heracles Archer 110.000 125.000 125.000 15.000 1.224.923.000 475.431.587 BONINGTON. RICHARD Landscape with Harvesters at Sunset 135.313 150.000 150.000 14.688 1.225.073.000 475.446.274 DELACROIX, EUGENE Cavalier mamelouk au galop 161.500 175.000 175.000 13.500 1.225.248.000 475.459.774 ISABEY. JEAN-BAPTISTI Portrait de Talleyrand 7.000 20.000 20.000 13.000 1.225.268.000 475.472.774 PUVIS DE CHAVANNES. Reclining Female Nude with Drapery 5.000 17.500 17.500 12.500 1.225.285.500 475.485.274 NOLDE. EMIL Salamo and Seine Frauen (S.R. 153) 4,500 15.000 15.000 10.500 1.225.300.500 475.495.774 DAVID. JACQUES-LOUIE Paris and Helen 459.960 470.000 470.000 10.040 1.225.770.500 475.505.814 MATISSE. HENRI Femme nue debout 60.000 70.000 70.000 10.000 1.225.840.500 475.515.814 BONNARD. PIERRE Nature morte aux fruits 70.000 80.000 80.000 10.000 1.225.920.500 475.525.814 DORER. ALBRECHT Melancolia I (Bartsch 74: Meder 75 Ila; Scherbaum 790.303 800.000 800.000 9.697 1.226.720.500 475.535.511 CONSTABLE. JOHN A View in Borrowdale 70.363 80.000 80.000 9.638 1.226.800.500 475.545.149 RUSKIN. JOHN Spur of Piazetta Shaft. Venice 6.504 16.000 16.000 9.496 1.226.816.500 475.554.644 ROUSSEL. KER-XAVIER La Ciotat 5.000 14.000 14.000 9.000 1.226.830.500 475.563.644 BOLOTOWSKY. ILYA Untitled 1.500 10.000 10.000 8.500 1.226.840.500 475.572.144 ENSOR. JAMES La puce 52.500 60.000 60.000 7.500 1.226.900.500 475.579.644 DIDRER. ALBRECHT Knight. Death and the Devil (Bartsch 98: Meder 74b 592.727 600.000 600.000 7.273 1.227.500.500 475.586.917 CLEMENTE, FRANCESC Untitled (Jamaican Watercolor) 43.400 50.000 50.000 6.600 1.227.550.500 475.593.517 GORMLEY. ANTONY Sense 2.653 9.000 9.000 6.347 1.227.559.500 475.599.864 GORMLEY. ANTONY Home of the Heart IV 2.653 9.000 9.000 6.347 1.227.568.500 475.606.211 GORMLEY. ANTONY Base 2.653 9.000 9.000 6.347 1.227.577.500 475.612.559 MAILLOL. ARISTIDE Esquisse pour 'Le Mediterranee' 19.000 25.000 25.000 6.000 1.227.602.500 475.618.559 AVERY. MILTON Striped Drape 2.200 7.500 7.500 5.300 1.227.610.000 475.623.859 RICHMOND. WILLIAM BE Portrait 12.222 17.500 17.500 5.278 1.227.627.500 475.629.137 BERNARD. EMILE Two Women 2.000 7.000 7.000 5.000 1.227.634.500 475.634.137 PASCIN. JULES Turkish Dancers 3.000 8.000 8.000 5.000 1.227.642.500 475.639.137 BARYE. ANTOINE-LOUIE Lion-stalking 5.000 10.000 10.000 5.000 1.227.652.500 475.644.137 BARYE. ANTOINE-LOUIE Tigre qui marche 5.000 10.000 10.000 5.000 1.227.662.500 475.649.137 GRAHAM. JOHN Horse and Rider 5.000 10.000 10.000 5.000 1.227.672.500 475.654.137 BARYE. ANTOINE-LOUIE Lion qui marche 5.000 10.000 10.000 5.000 1.227.682.500 475.659.137 CHIRINO. MARTIN Oology 7.000 12.000 12.000 5.000 1.227.694.500 475.664.137 MAILLOL. ARISTIDE Nude Seen from Behind 20.000 25.000 25.000 5.000 1.227.719.500 475.669.137 SCHWITTERS. KURT Kurt Schwitters: Schriftstellar 220.000 225.000 225.000 5.000 1.227.944.500 475.674.137 DROUAIS. JEAN-GERM/ Marius a Mintumes 45.325 50.000 50.000 4,675 1.227.994.500 475.678.812 BELLOWS. GEORGE WE The Pool-Player (M. 83; B.58) 3.500 8.000 8.000 4.500 1.228.002.500 475.683.312 BONHEUR. ROSA Study for 'The Horse Fair 8.660 12.500 12.500 3.840 1.228.015.000 475.687.152 AVERY, MILTON Head of a Man (L. 8) 250 3.500 3.500 3.250 1.228.018.500 475.690.402 DURER. ALBRECHT Nemesis (The Great Fortune) (Bartsch 77; Meder 7: 246.970 250.000 250.000 3.030 1.228.268.500 475.693.432 DERAIN. ANDRE Femme nue 2.000 5.000 5.000 3.000 1.228.273.500 475.696.432 ENSOR. JAMES Le combat des demons (Diables rossant anges et a 2.000 5.000 5.000 3.000 1.228.278.500 475.699.432 PICASSO. PABLO Deux femmes batifolant sur un matelas de plage. Ni 3.000 6.000 6.000 3.000 1.228.284.500 475.702.432 BECKMANN. MAX Schlangendame (H. 200: GI. 175: G. 172) 5.000 8.000 8,000 3.000 1.228.292.500 475.705.432 EXCLUDES TURNER (HELD IN S CORP) Page 6 of 7 EXCLUDES WORKS PARTIALLY OWNED AND PLEDGED TO CHARITY EFTA01199568 NARROWS/LDB FINE ART UNREALIZED HI TO LO JULY 2014 SOTHEBY'S Artist Item Description Total Paid (in USD) Sotheby's Appraised Value (July 2014) Fair Value (% Ownership) or Cost (if not on Appraisal) Fair Value Less Total Paid CUMULATIVE VALUE CUMULATIVE UNREALIZED P&L AVERY. MILTON Nude Meditating 1.200 4,000 4,000 2.800 1.228.296.500 475.708.232 KAHN. WOLF Barn in Fog 1.200 4,000 4,000 2.800 1.228.300.500 475.711.032 AVERY. MILTON Two Nudes 1,500 4,000 4,000 2.500 1.228.304.500 475.713.532 KAHN. WOLF Evening Light 5.359 7.000 7.000 1.641 1.228.311.500 475.715.173 VON STUCK. FRANZ Steam Power 6.503 8.000 8.000 1.498 1.228.319.500 475.716.671 DIX. O11'O Bautzen VI 14.400 15.500 15.500 1,100 1.228.335.000 475.717,771 MARSH. REGINALD Woman Walking 5.000 6.000 6.000 1,000 1.228.341.000 475.718.771 In der Trambahn (H. 235: GI. 209: G. 205) 5.000 6.000 6.000 1,000 1.228.347.000 475.719.771 BECKMANN. MAX Vor dem Auftritt (Akrobaten) (H. 289: G. 250) 3.150 4.000 4.000 850 1.228.351.000 475.720.621 ROSSETTI. DANTE GAB The Sun May Shine and We Be Cold 34.264 35.000 35.000 736 1.228.386.000 475.721.357 DELACROIX, EUGENE Three Male Nudes 24.356 25.000 25.000 644 1.228.411.000 475.722.000 ELIZONDO. ARTURO Ardores clandestinos 3.897 4.500 4.500 603 1.228.415.500 475.722.603 KAHN. WOLF The Towpath 34.640 35.000 35.000 360 1.228.450.500 475.722.963 DINE. JIM Self-portrait Head (Second State) (W.C. 160) 1,200 1.500 1.500 300 1.228.452.000 475.723.263 KAHN. WOLF Returning to Harbor (in Martha's Vineyard) 2.250 2.500 2.500 250 1.228.454.500 475.723.513 752.730.987 1.228.054.500 1.228.454.500 475.723.513 EXCLUDES TURNER (HELD IN S CORP) Page 7 of 7 EXCLUDES WORKS PARTIALLY OWNED AND PLEDGED TO CHARITY EFTA01199569